Petrol could rise to €1.20 per litre as oil hits new high

AS oil prices hit new highs yesterday, petrol prices were set to revert to the record levels reached last August when the average price of unleaded rose to 108.5 cents per litre.

Goodbody Stockbrokers have predicted prices could rise to €1.20 a litre as increasing global nervousness yet again spooks markets.

Prices are under pressure this time due to growing fears of a US military strike on Iran because of its continued investment in nuclear weapons Iran is the fourth biggest world producer of oil.